What is VantageScore and why it matters.

What is VantageScore and why it matters.

VantageScore is a three digit number frequently used by lenders to determine your eligibility for a loan. This product was introduced by the three credit bureaus (Experian, Equifax and TransUnion) in 2006 and serves as an alternative to FICO score. High VantageScore guarantees you approval and favorable loan at learnacademy.org website. As other types of credit scores, it is calculated based on a number of different factors like your credit payment history, credit utilization, quantity of credit lines, etc. Please, see more information about factors influencing your credit score here (Link to Blog Post #1).

VantageScore does not concentrate on length of credit history and primarily evaluates current situation: current available credit lines, payment performance, etc, Check out i need money now uk. It is good for newbies attempting to build a strong credit history from scratch as well as people struggling to reestablish after former financial problems.